  Its strategic location means that many investors and businessmen of the 21st century come to Quito. From the middle of the world the country opens it doors to commercial and cultural exchange.
Petroleum has been the main source of foreign currency to the country for the past 25 years.
Oil exploration began in Ecuador on the Santa Elena Peninsula in the first quarter of the 20th century.
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Ecuador's Government
Ecuador is a democracy, and has a republican style of government with a directly elected president. The first constitution was written in 1830, but has been updated often since, most recently in 1998. Actually there is a new constitution writing by Asamblea Nacional Constituyente in Montecristy-province of Manabì. Elected governments have been toppled by the military several times, but not since 1979 when civilians returned to power.
All literate citizens over the age of 18 have to vote. The president has to receive over 50% of the vote to be elected, and so often there is a runoff vote. The usual term length is 4 years. The president heads the armed forces directly, and appoints a cabinet.
The legislative branch is a Congress of diputados which has 120 members. The Congress appoints the Supreme Court justices. There are 24 provinces including the new 2 provinces Santo Domingo de los Tsachilas and Santa Elena (Salinas), each with an appointed governor and elected prefects. The province is further subdivided into contones. Each canton has a democratically elected alcalde, or mayor. The actual president is the economist Rafael Correa from Guayaquil and educated in USA and Belgium. This is the second year of his power
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Ecuador's Economy
Until the 1970s was a 'banana republic.' Bananas were the most important export, with most other exports being agricultural. This changed in 1973 with the discovery of oil in the Oriente. Soon almost half the export earnings were related to petroleum products.
 This wealth produced much contruction (and corruption) and raised standards of living to a degree, however Ecuador remains a relatively poor country. The El Niño floods of 1882/83 and 1997/98 cost millions of dollars of damage. The oil prices plunges in the mid-80s and the late 90s also cost millions. Earthquakes have damaged infracstrure such as buildings, oill pipelines and roads. Foreign debt, accumulated during the oil years, sucks up 25% of government spending.
In addition to oil and agriculture, manufactured products produce about 15% of export earnings. Products include textiles, wood products and processed foods.
Inflation has varied greatly over the last two decades. Throughout the 90s, though, it has averaged about 50%. However, since the country adopted the U.S. dollar as its currency in 2000 inflation has eased 10%. Year 2007 (Dic) the inflation reached 3,2 %
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Population & People
The population of Ecuador is about 12,156,608. About 49.8% live along the coast, 44.9% in the highlands, 4.5% in the Amazon jungle, and 0.2% in the Galapagos Islands.
The density of about 122 people per sq. km (16 per sq. mile) is the highest in South America. Estimates of the mix of races vary, but about 25% are Indians, 55% mestizos (mixed white/Indian), 10% white, 9% black and others 1%.
Of the Indians, most are Quechua-speaking descendants of the Inca empire. Most of them live in the highlands. Various groups have been separated for centuries, and so dialects vary greatly. The best known group, and most prosperous, are the Otvaleños who are centered around the town of Otavalo, north of Quito. Their music, handicrafts and clothing are world famous.
Another famous group of Indians are the Colorado. They live near the town of Santa Domingo de los Colorados in the western lowlands. They are famous for their traditional style of striped face painting, and red-colored bowl-shaped haricuts. Today, though, most dress with a western style.
Each of the Indian groups have distinct languages and histories, often completely independent of one another. About 48% of Ecuadorians live on the coast and in the Galapagos, 46% live in the highlands, and the remainder in the Oriente (jungle). About 55% live in cities; the rest are mainly Indian campesinos, or peasants, who work in agriculture. The birth rate is 29 per 1000, which produces a growth rate of 1.9%. This is a relatively high growth rate. Infant mortality is 58 per 1000 live births, compared to typically less than 10 for developed countries. Life expectancy for men is 69 years and 74 for women, about 3-5 years less than developed countries.
Real Estate
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